Warhol painting fetches record $105M at NY auction

Warhol painting fetches record $105M at NY auction - Yahoo News

NEW YORK (AP) ” A prized 1963 Andy Warhol painting that captures the immediate aftermath of a car crash has sold for $105 million at a New York auction, shattering the record for the famed pop artist amid a spending frenzy in the art world.

The 8-by-13-foot painting titled “Silver Car Crash (Double Disaster)” depicts a twisted body sprawled across a car’s mangled interior. It has been seen only once in public in the past 26 years. Sotheby’s, which conducted the auction Wednesday, did not immediately identify the buyer.

The previous Warhol auction record was set in 2007 when “Green Car Crash (Green Burning Car I)” sold for $71.7 million.

Another iconic Warhol, “Coca-Cola (3),” sold for $57.2 million Tuesday at Christie’s auction house, and his portrait of Elizabeth Taylor titled “Liz #1 (Early Colored Liz)” sold for $20 million Wednesday.

A Willem de Kooning abstract painting in red, yellow and white called “Untitled V,” not seen in public since 1980, sold for $24.8 million Wednesday. The sale fell short of the record for the artist’s works, set Tuesday at Christie’s with the sale of his “Untitled VIII” from 1977.

Sotheby’s said the sale brought in over $480.4 million. None of the buyers was identified.
View gallery.”FILE - This file photo provided by Sotheby's shows ...FILE - This file photo provided by Sotheby’s shows “Silver Car Crash (Double Disaster)” by Andy Warh …
The Warhol record came a day after the most expensive work of art ever sold at auction went for $142.4 million following six minutes of feverish bidding at Christie’s. The hefty price tag for a 1967 Francis Bacon triptych called “Three Studies of Lucian Freud” shattered the previous world record ” nearly $120 million paid for Edvard Munch’s “The Scream” at a 2012 Sotheby’s sale.

Christie’s said the winning bid went to New York City’s Acquavella Galleries. It is believed that the gallery was buying it for an unidentified client.

Over the past 10 days, auction houses around the world have presided over bids totaling nearly $2 billion for art and jewelry, Sotheby’s said. Christie’s said Tuesday’s sale brought in more than $691.5 million, the highest total for any single auction in history.

Buyers from Asia, the Middle East and Russia play a big role in the contemporary art market, said Richard Feigen, an art dealer and collector whose Manhattan gallery has works spanning from the 14th century to contemporary art.

"The demand for seminal works by historical important artists is truly unquestionable, and we will keep witnessing new records being broken," said Michael Frahm, a contemporary art adviser and partner at the London-based Frahm Ltd.

"This is the ultimate trophy hunting."
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Yahoo Updates Finance Website & App - Analyst Blog - NASDAQ.com

Yahoo Updates Finance Website & App - Analyst Blog - NASDAQ.com

Consistent with the recent upgrades to its various web pages,Yahoo Inc.(YHOO) recently updated the desktop version of Yahoo! Finance and alsoits iOS application. The new web interface of Yahoo Finance willallow users to track their personal portfolio more quickly.

The most significant change implemented by Yahoo both in the newweb interface and the iOS application is personalized content.The update comes in the form of a new navigation system,redesigned charts, and a variety of news anddata feedsthat makes it easier for users to track investments, currencies,markets and commodities.

Earlier, Yahoo! had redesigned its weather, mail and news pagesand apps. The visual highlights of the recent update includelightweight fonts, sliding panels and frosted glass effects. Theuser will receive push notifications for all major storiesrelated to the stock that they follow closely and also accesshighly interactive charts. However, Yahoo did not confirm whetheran Android version of the app will be available or not.

Yahoo’s search business continues to show signs of improvement,even in the face of tough competition fromFacebook(FB),Google(GOOG) andMicrosoft(MSFT). Currently, Yahoo has a huge task at hand, which is to retainand add to its user base and make them spend more time on itsproperties. This would be crucial in bringing back advertisers aswell.

Though monetization on Yahoo properties needs to improve, Mayeris clearly taking Yahoo into a new era. This is reflected in theupward movement in its share price. Over the last six months,Yahoo shares have appreciated 40.3%.

Yahoo reported GAAP revenue of $1.14 billion in the thirdquarter, which was flat sequentially but down 5.2% year overyear. Traffic acquisition cost (TAC) was down 9.1% sequentiallyand 48.2% from last year. Excluding these costs in all periods,net revenue was essentially flat (up 0.9% sequentially and down0.8% year over year).

Currently, Yahoo has a Zacks Rank # 3 (Hold).

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